Economic Foundations of Marketing

These are resources in their natural state such as oil, natural gas, coal, trees.

• land/natural

• labor/human

• capital

• entrepreneurship

These resources such as money, tools, and equipment needed for production of products or services.

• land/natural

• labor/human

• capital

• entrepreneurship

These resources are employees of the business.

• land/natural

• labor/human

• capital

• entrepreneurship

This is the individual who takes the risk with time and money of owning and operating the business.

• land/natural

• land/human

• capital

• entrepreneurship

Economic utility is the amount of _________________ a consumer receives from the consumption of a particular product or service.

• value

• profit or commission

• interest or dividends

• wealth or prosperity

Packaging milk into smaller containers to meet the demand of people who live alone is an example of

• form utility

• possession utility

• time utility

• place utility

Credit cards and installment plans increase _____________ by making products more attainable for some customers.

• Information utility

• possession utility

• form utility

• place utility

A well-located drive-through window adds value to a bank's services by providing:

• Information utility

• Possession utility

• Form utility

• Place utility

This utility is created when a product or service is available when it is needed or wanted by consumers:

• Time utility

• Form utility

• Place utility

• Possession Utility

This utility is created when ownership of a good or service is transferred from one person to another, but it may also occur through renting or borrowing.

• Time utility

• Form Utility

• Place Utility

• Possession Utility